Beleave buys Seven Oaks for $3M
Seven Oaks recently announced cannabis sale deals with the Manitoba Liquor and Lotteries Corp and the BC Liquor Distribution Branch.
Beleave Inc. has announced its acquisition of 100 per cent of the outstanding shares of Seven Oaks Inc. valued at $3 million, which the licensed producer said would strengthen its distribution arm in the recreational cannabis market.
"Seven Oaks has a proven track record of working collaboratively to secure wholesale and distribution agreements with retailers across Canada," said Beleave CEO, Andrew Wnek. "Beleave breaking into the recreational market with solid agreements and impactful branding will be a monumental development for us."
Seven Oaks' branding appeals to consumers, both conceptually and in the quality it invokes, attracting them to become repeat customers, Beleave said. This acquisition bridges the gap between sourcing cannabis products from an established producer and retailing by leveraging Seven Oak's marketing platform to provide consistent, recognizable quality across Canada.
Wnek said Beleave aims to achieve industry standard through similar acquisitions. "We are not merely growers of cannabis, but curators of a high-end experience for those seeking the comfort of knowing they are buying a product they can trust."
Related: GQA aims to raise bar on quality-assured cannabis products
The founders of Seven Oaks, Grant McLeod and Myles Fontaine, will continue supporting Beleave's aggressive growth by taking senior roles in the Company. Grant will apply over 14-years of legislative and government experience in the role of VP, regulatory affairs and general counsel, while Myles will apply his sales acumen as VP of sales.
"Beleave already has a solid reputation for producing high-quality and clean cannabis. This provided all of the elements that Seven Oaks needed to secure a consistent source of high-quality cannabis for consumers," McLeod said.
The acquisition follows important news of Seven Oaks branded cannabis products being selected by Manitoba Liquor and Lotteries Corporation and the BC Liquor Distribution Branch for sale to consumers in deals that are expected to generate initial revenues of over $2.9 million.
Beleave plans to launch Seven Oaks-branded cannabis flower, pre-rolls and oils after October 17, 2018.
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